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Posted by Thinker on March 29, 2003 at 16:08:52

In Reply to: That's a good point posted by Acheick on March 29, 2003 at 15:39:01:

Not so!

That's over simplifying it. Really over simplifying it!

The Chinese economy would do OK if the Chinese government managed its economy better. It would have worked great as a closed system. There was enough discipline and strength of character in the average citizen to make it work. Instead of doing that, China opted for some strange mix of socialist-capitalist ideaology. It tried to infuse western goods into its system, and to do that they had to open up their markets too, or it would have a trade deficit happening. It needed investors to pour in some $ so that it could turn around and use $ (not local currency) to buy foreign goods.

There is too much to get into, and I don't have time to write a class on economics. But such over-simplifications irk me big time.